16. Kent Company issued $400,000 of 6%, 8-year bonds on January 1, 2023. These bonds pay interest annually on each January 1. Kent Company uses the effective interest method of amortization for bond premium or discount. Assume the market interest rate is 8%. Table values are: Present value of ordinary annuity Present value of $1 N = 8; I = 0.06 6.20979 0.62741 N = 8; I = 0.08 5.74664 0.54027 a. Compute the present value (selling price) of the bond issuance. (For table values, use 5 decimal places as provided and round calculated numbers to 0 decimal places e.g. 5,275) - 5 points b. Record the journal entry for the issuance of the bonds on January 1, 2023. (Round all numbers to 0 decimal places e.g. 5,275) - 5 points c. Record the journal entry for the payment of interest and the related amortization on January 1,2024. (Round all numbers to 0 decimal places e.g. 5,275) - 5 points